Honey has 3 levels of landlord cover available: building insurance, contents insurance, and combined building and contents insurance. Here are some of the main insured events a policy can cover you for:
The insurance is issued by RACQ Insurance Limited and comes with a cooling-off period and excess.
The cooling-off period is 21 days which means if you decide to cancel your policy within this period, Honey will refund your premium in full. The excess is the amount you're required to pay when you make a claim and can be nominated by you at the time of application.
"I'd been paying the lazy tax for years with my current insurer, but when my premium nearly doubled I took the chance to shop around. Honey Insurance came out as the cheapest by a considerable amount. It has a great onboarding experience and I've nearly halved my insurance premium per month. The best part is that my cover includes "Loss of Rent"!"
These are some of the features that Honey will cover you for if you claim for an insured event like a fire, storm or theft. Some of these inclusions (like rent default), are often only available as an add-on you need to pay extra for:
As an optional extra, Honey can cover loss or damage to electric motors or sealed units up to 10 years old on the property. This option includes the cost of:
Like all insurers, there are certain things you won't be covered for under a landlord insurance policy. With Honey, some of these include:
Make sure you review Honey's PDS for a detailed breakdown of what is and isn't covered.
Honey's policy inclusions go above and beyond the stock-standard landlord insurance policy. For example, tenant default or damage is usually an optional add-on or excluded altogether but Honey automatically includes these. You're also covered while the home is unoccupied provided you let Honey know beforehand although an additional excess does apply.
Like other insurers, it also covers design fees, demolition and removal of debris. What makes Honey stand out, however, is that it covers up to 30% above the sum insured – the industry standard is 10%. These can be unexpected and costly bills to deal with, so it's a smart inclusion in the event of a claim.
If you're still not sure about Honey, you can compare other landlord insurance companies here.
If you've held or currently hold a Honey landlord insurance policy, we'd love to hear from you. Your review can help other Australians decide if Honey is a good fit for them. Some reviews are from a survey commissioned by Finder.
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